A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate LC Exposure shall not exceed the LC Sublimit and (ii) the Facility B LC Exposure shall not exceed $25,000,000.
Such amounts transferred to the Administrative Agent shall be applied against the amounts of the Swingline Lender’s Facility A Swingline Loans or Facility B Swingline Loans, as applicable, and, together with the Swingline Lender’s Applicable Percentage of such Swingline Loan, shall constitute Revolving Loans of such applicable Lenders, respectively.
If any Borrower fails to make such payment when due, the Administrative Agent shall notify each Facility A Lender or Facility B Lender, as applicable, of the applicable LC Disbursem*nt, the payment then due from the Borrowers in respect thereof and such Lender’s Applicable Percentage thereof.
Each Facility A Lender or Facility B Lender, as applicable (other than the Swingline Lender, in the case of the Swingline Loans) shall transfer, the amount of such Lender’s Applicable Percentage of the outstanding principal amount of the applicable Loan with respect to which Settlement is requested to the Administrative Agent to an account of such Agent as such Agent may designate, not later than 2:00 p.m., New York City time, on such Settlement Date.
